FACTS
ABOUT THE HOMEBUYERS TAX CREDIT
The government
has extended and expanded the $8000 tax credit
for First Time Home Buyers, plus a tax credit
for Move-Up / Repeat Home Buyers! Deadline:
April 30th!
FIRST-TIME
HOME BUYER:
The
$8,000 tax credit is for first time home buyers
only. The IRS defines a first time home
buyer as someone who has not owned a principal
residence during the last three years.
The
tax credit does not have to be repaid unless
the home is sold or ceases to be used as the
buyer's principal residence within three years
after the initial purchase.
Single
taxpayers with incomes of up to $125,00 and
married couples with incomes up to $225,000
qualify for the full tax credit.
The
credit is available for homes purchased after
November 6, 2009 and on or before April 30,
2010. However, in cases where a binding sale
contract is signed by April 30, 2010, the home
purchase qualifies provided it is completed
(closed) by June 30, 2010.
MOVE
UP / REPEAT BUYER:
To
be eligible to claim the tax credit, buyers must
have owned and lived in their previous
home for five consecutive years out of the
last eight years.
The
tax credit does not have to be repaid unless
the home is sold or is no longer used as the
buyer's principal home within 3 years after the
initial purchase.
The
Move-Up / Repeat Home Buyer Tax Credit is equal
to 10 % of the home's purchase price up to a
maximum of $6,500.
The
credit is available for homes purchased after
November 6, 2009 and on or before April 30,
2010. However, in cases where a binding sale
contract is signed by April 30, 2010, the home
purchase qualifies provided it is completed
(closed) by June 30, 2010.
If you have questions, or
would like more information, please contact
me!
Allen Williamson
Mortgage Banker
Office: (757)605-0506
Cell: (757)404-1992
Fax: (757)216-8245
Email:allen@oldvam.com
